Morning Buzz: From stock market indices hitting all-time highs to double-digit increments, and more

Fresh round of foreign investor inflows shows investors consider India a bright spot where macroeconomic fundamentals are concerned

By Samar Srivastava Forbes India Staff

Published: Jun 29, 2023 10:00:01 AM IST

Updated: Jun 29, 2023 10:04:47 AM IST

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The Indian stock market indices hit all-time highs, driven by a fresh round of foreign investor inflows. Image: Mexy Xavier

Markets hit all-time high; Nifty at 19K

The Indian stock market indices hit all-time highs, driven by a fresh round of foreign investor inflows. The Sensex closed up by 0.79 percent at 63915. Investors are betting that India’s macroeconomic fundamentals make it a bright spot in a world where growth is slowing down. The Adani group received another shot in the arm with a fresh $1 billion investment from GQG Partners.

(Economic Times, Business Standard, Mint, Hindu BusinessLine)

Overseas credit card spends to not attract tax

The government put off till October 1 a decision to increase the tax on overseas spends of above Rs7 lakh. Credit card spends, irrespective of the amount, would not attract any tax. For tour packages, spends of over Rs7 lakh would attract tax collected at source of 20 percent. Below this amount, 5 percent would be collected. With this, the government has indefinitely put off the implementation of the May 19

circular with regard to credit card spends overseas.

(Economic Times, Business Standard, Financial Express)

Increments take double-digit route this year

Employees across Indian companies have received an average pay hike of upwards of 10 percent this year. According to a Naukri.com survey conducted for the Economic Times, six out of 10 employees surveyed had received double-digit increments. The sample size of the survey was 200,000 employees. Banking, financial services, insurance and manufacturing accounted for the largest share hikes.

(Economic Times)

IPO listing time cut to three days

The Securities and Exchange Board of India halved the listing time for initial public offering (IPO) from six days to three. This new rule will initially be on a voluntary basis from September to December, and mandatory after that. Investors were unhappy about the fact that their application funds get blocked for six days. In addition, the regulator has mandated additional disclosures for high-risk foreign investors.

(Economic Times, Financial Express)